Project undertaken by The NHP Foundation in partnership with the Connecticut Housing Finance Authority, PNC Bank, U.S. Department of Housing and Urban Development, CL&P and the City of Stamford

NEW YORK, Aug. 14, 2014 /PRNewswire-USNewswire/ -- U.S. Congressman Jim Himes (CT-4), a key congressional supporter of affordable housing initiatives, served as the master of ceremonies for an August 12 ribbon cutting ceremony at Bayview Towers Apartments ("Bayview Towers") in Stamford, Connecticut.

"I am pleased to join the individuals and organizations that made this extensive renovation and today's celebration so successful," Himes said. "This project means that Bayview residents will continue to have access to affordable - and now updated and energy-efficient - housing to support their lives, families, and the Stamford community. It also serves as a fine example of the work that can be accomplished when federal, state, and local governments and private entities partner to support our communities and our people," said Congressman Himes following the ceremony.

The Connecticut Housing Finance Authority ("CHFA") provided a $17,750,000 loan to facilitate the acquisition and renovation of the property to preserve the units as low and moderate-income housing. PNC Bank served as the federal low-income housing tax credit investor for Bayview, providing $7 million in equity. The U.S. Department of Housing and Urban Development provides rental assistance to a number of residents at Bayview Towers, making the rents affordable to lower income families. Connecticut Light and Power supported the project by making a $500,000 contribution through the State of Connecticut's Housing Tax Credit Contribution program to assist with the rehabilitation of the project, and the City of Stamford agreed to continue to provide a partial property tax abatement grant through a State of Connecticut funded program. All of these participants helped make the project possible.

"I am proud to join in celebrating the completion of the Bayview Towers renovation today," Mayor Martin said. "The City of Stamford made an important decision to continue to support the Bayview community, and I am pleased with the cooperation of the many government and private entities that made this effort a success. This is a much-needed improvement for the residents of Bayview and for our Stamford community."

"Bayview Towers Apartments fulfills a critical need for affordable family housing in Stamford. We were pleased to work with NHPF on making a number of major capital improvements to Bayview Towers that will meaningfully extend the useful life of a critical affordable housing asset in Stamford," said Eric Chatman, President, and Executive Director of CHFA.

"Here at Bayview Towers we see just how powerful partnerships between and among federal, state and local agencies can be when we link our investments to help preserve affordable housing in an area where there is a critical need," said Suzanne Piacentini, HUD Connecticut Field Office Director. "HUD is proud to be a partner in this project; we congratulate everyone for their efforts to improve the lives of Stamford residents."

According to Richard Burns, CEO of NHPF, "We at The NHP Foundation are very mindful of the significant threats facing the affordable housing field in this country. Leaders like the public and private partners in the Bayview Towers project are essential to protecting this vital sector of the American housing market. NHPF salutes their participation."

Bayview Towers was built in 1973 and is located at 300 Tresser Boulevard in Stamford. The 200 unit complex is composed of a 21-story and a 9-story high-rise building. The renovations included the installation of new flooring, new kitchen cabinets, counters and fixtures, new tubs and shower surrounds, new vanities, and medicine cabinets, as well as energy efficient lighting and appliances. Capital renovations also included replacement of the domestic and sanitary plumbing lines, electrical upgrades, elevator improvements, all new windows, facade improvements and new roofs.

Headquartered in New York City with offices in Washington, DC, NHPF was launched on January 30, 1989. NHPF is a publicly supported 501(c)(3) nonprofit corporation founded to preserve and create affordable multifamily rental housing for low- and moderate-income families and seniors. In addition to providing safe, clean and affordable housing to its residents, NHPF has a robust resident services program known as Operation Pathways. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other nonprofit organizations, NHPF owns 27 residential properties with more than 6,000 housing units in 12 states and the District of Columbia.